In large bowl, mix together the cream cheese and half of the sugar. Add the evaporated milk and coconut extract in gradually until creamy.

Fold the angel food cake into the cream cheese mix and put to the side for later use.

In another bowl, mix the yams and remaining sugar and vanilla until creamy.

In a trifle bowl or large bowl, layer half the angel food cake mixture, half the yam mixture, 1 tablespoon of the coconut and half the whipped topping. Keep repeating the layers until all ingredients are used.

Sprinkle the toasted pecans and coconut on top if desired. Refrigerate until chilled.